NPA
Rajesh Jain
(Querist) 07 January 2016
This query is : Resolved
Six guarenters for cc of 30 lacs with collateral.Bank release 5 guarenter collateral secureties without 6th surety consent and reduces cc limit to20 lacs. After release collateral loanee sold the stock and fled .Bank officer found guilty.Now what is the posision of 6th guarenter. Here breach of contract ie sec 133 is apply? Any other remedy left ? Pl guide me
Rajesh Jain
(Querist) 07 January 2016
Pl help me to solve this problem.
Rajesh Jain
(Querist) 07 January 2016
Bank took my only house in possession.
Rajendra K Goyal
(Expert) 07 January 2016
Bank can recover its loan from borrower / any or all of the guarantors.
Lodge complaint against the irregular release of the securities by Bank.
Consult senior lawyer, discuss regarding technical faults of the Bank, and proceed.
H.M.Patnaik
(Expert) 07 January 2016
It is not possible to guide you through the
present riddle without going through the connected info.However, the bank is empowered to possess the collateral security lodged with them against Advances released.
However, from your little hint I can see there is a ground for criminal breach of trust by the bank and initiation of a criminal proceeding against the concerned official of the bank after gathering certified copies of documents and references available with the bank in the concerned loan file.
K.S.Srinivas
(Expert) 10 January 2016
Consult a lawyer with all the documents.
